AgriTech To Grow Multi-Fold During The Forecast Period
The AgriTech is a relatively new market and the application of various advanced technologies in agriculture has been limited till now. The AgriTech market is becoming competitive with the presence of many vendors. It also offers ample opportunities for the vendors to grow as we expect a greater number of organizations to invest in AgriTech that addresses few burning areas of farming issues. The focus of the AgriTech companies has been to push farmers with data-driven approaches that help in greater yield prediction, pest control, modified seeds for better productivity. Though we are witness a surge in Investment in AgriTech companies, the start-ups face tremendous difficulty in finding customers. The investors are concerned about viable business-models and ROI. The vendors are expected to enrich their product offering and grow their customer network.
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Globally, AgriTech is gaining interest as the emerging technologies are directed towards better results for individual farmers or enterprises with farm land. Technologies, including IoT, mobility and analytics, are leveraging the control and insights of farming land and market. The influx of AI and ML are likely to derive more insights to enhance crop production and weather-related information. The automation and AI are expected to transform the agriculture control to a smooth and reliable option for farmers to enhance productivity. The AgriTech market is expected to grow with a significant contribution from software vendors, hardware players, and biotechnology companies, along with drone manufacturer and vehicle manufacturer.
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The growing biotechnology, IoT and mobile applications are expected to boost the smart AgriTech market. Impossible Foods, Mei Cai, Indigo, ProducePay, PivotBio, Plenty, Benson Hill Biosystems, Bowery Farming, LettUsGrow, and Safe Traces are few of the companies profiled in the report. The vendors are focusing on innovating various applications or technologies that help enhance the production of crops, enhance profitability and yield better quality products.
ICT - Research Analyst